COMMR.OF INCOME TAX,CHENNAI vs. M/S ALAGENDRAN FINANCE LTD

reassessment proceedings, the Commissioner of Income Tax purported to invoke his revisional jurisdiction in terms of Section 263 of the Act and by an order dated 29.03.2004 held as under: "5. In short, from the example given it is the depreciation on the leased assets that is clamed as Book Depreciation and disallowed

COMMISSIONER OF INCOME TAX 5 MUMBAI vs. M/S. ESSAR TELEHOLDINGS LTD. THROUGH ITS MANAGER

Bench: HON'BLE MR. JUSTICE A.K. SIKRI

disallow expenditure incurred to earn exempt income by applying the provisions of newly inserted section 14A of the Act.” 17. By   Finance   Act,   2002,   a   statutory   provision   was   also inserted by way of proviso to Section 14A.  What was clarified by the Circular have been statutorily engrafted in the proviso to the following effect:­            “Provided that nothing contained in this

THE SOUTH INDIAN BANK LTD. vs. THE COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE HRISHIKESH ROY

disallowance under Section 14A is not warranted, in absence of clear identity of funds. 10. The decision of the ITAT was reversed by the High Court by acceptance of the contentions advanced by the Revenue in their appeal and accordingly the Assessee Bank is before us Page 6 of 22 to challenge the High Court’s decision which was against

PR. COMMISSIONER OF INCOME TAX CENTRAL 3 vs. ABHISAR BUILDWELL P. LTD

Bench: HON'BLE MR. JUSTICE M.R. SHAH

reassessment made under section 153A of, the Act is annulled in appeal or any other proceeding. 16. Section 153A bears the heading “Assessment in case of search or requisition”. It is well settled as held by the Supreme Court in a catena of decisions that the heading of the, section can be regarded as a key to the interpretation

M/S. MANGALAM PUBLICATIONS, KOTTAYAM vs. COMMISSIONER OF INCOME TAX, KOTTAYAM

Bench: This Court & On Leave Being Granted, Civil Appeals Have Been Registered. 3.

reassessments were different. Since facts were different, question of any change in the opinion did not arise. In the circumstances respondent sought for dismissal of the special leave petitions since registered as civil appeals. 21. Mr. Raghenth Basant, learned counsel for the appellant at the outset submits that the High Court fell in error while setting aside the well-reasoned

COMMISSIONER OF AGRICULTURAL INCOME TAX, TRIVANDRUM vs. SMT. LUCY KOCHUVAREED

The appeals are allowed, but in the circumstances of the case we make no

disallowance of Rs. 2500/- for 1959-60 and Rs. 3500/- for 1960-61 towards upkeep and maintenance of immature area is irregular as it is not based on any rational method. The orders of assessment for these years are therefore set aside and the cases are remanded to the Agricultural Income-tax Officer, Trichur, for fresh disposal according

ASSISTANT COMMISSIONER OF INCOME TAX vs. RAJESH JHAVERI STOCK BROKERS PVT.LTD

The appeal is allowed without

reassessment or recomputation under section 147, the Assessing Officer shall serve on the assessee a notice containing all or any of the requirements which may be included in a notice under sub- section (2) of section 139; and the provisions of this Act shall, so far as may be, apply accordingly as if the notice were a notice issued under

MANSAROVAR COMMERCIAL PVT. LTD. vs. COMMISSIONER OF INCOME TAX DELHI

Bench: HON'BLE MR. JUSTICE M.R. SHAH

disallowed). Separate penalty proceedings were initiated under sections 271(1)(a). 271(1)(c), 273/274 and 271-B of the Act. 2.12 The assessees then preferred appeals before the CIT(A). Subsequently on 08th December, 2000, the writ petitions filed by the assessees came to be dismissed by the High Court as the respective assessees moved the Appellate Authority prescribed

M/S. ROTORK CONTROLA INDIA (P) LTD. vs. COMMNR. OF INCOME TAX, CHENNAI

Appeals stand allowed in favour of the assessee with no order as to

disallowance of Rs.5,18,554/- for the assessment year 1991-92. While explaining the concept of “reversal”, learned counsel pointed out that 1.5% of total sales of Rs.1 crore (amounting to Rs.1.50 lakhs) was taken by the appellant as a provision for warranty claims in its balance-sheet by debiting its profit and loss account and by crediting the provision

THE COMMISSIONER OF INCOME-TAX vs. M/s. McMILLAN & CO

disallowance to the Appellate Assistant Commissioner. The Appellate Assistant Commissioner allowed the respondent’s claim for bad debt. He was, however, of the view that the assessee’s method of accounting, viz., taking the aforesaid invoice value as representing the respondent’s actual cost of production was such that the respondent’s profits could not be properly http://JUDIS.NIC.IN SUPREME

KOTAK MAHINDRA BANK LIMITED vs. COMMISSIONER OF INCOME TAX BANGALORE

The appeal is allowed

Bench: HON'BLE MRS. JUSTICE B.V. NAGARATHNA

disallowances based on which the assessment already concluded for the assessment years 1994-1995 to 1996-1997 were proposed to be reopened. The Assessing Officer then passed an Assessment Order dated 30.03.2000 for the Assessment Year 1997- 1998. The main issue pertained to the income in respect of the activity of leasing. As per the Assessment Order, the appellant

M/S POLYFLEX (INDIA) PVT. LTD. vs. COMMISSIONER OF INCOME TAX, KARNATAKA

The appeal is dismissed without costs

reassessment proceedings were pending. It was, therefore, held that the liability did not cease during the year in question. This Court affirmed the view taken by the High Court of Kerala. It may be seen that unlike the present case, there was no actual refund as no amount towards purchase tax was paid but only a provision towards liability

SHITAL FIBERS LTD. vs. COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE ABHAY S. OKA

Reassessment proceedings under Section 147 of the IT Act were initiated in respect of the said Assessment Year by the order dated 10th December 2008 by the Assistant Commissioner of Income-Tax, Range II, Jalandhar. Reliance was placed by the Revenue on the decision of Income Tax Appellate Tribunal (for short ‘ITAT’), Chennai (Special Bench) in the case of ACIT

MODI INDUSTRIES LIMITED, MODINAGAR vs. COMMISSIONER OF INCOME-TAX, DELHI

The appeals are allowed in the above

reassessments. - (1) No order of assessment shall be made under section 143 or section 144 at any time after - (a) the expiry of four years from the end of the assessment year in which the income was first assessable; or (b) the expiry of eight years from the end of the assessment year in which the income was assessable